EIA issued its Weekly Petroleum Status Report on April 2, 2019; and essentially closed out the data for the 1st Qtr of this year. Below are graphs for selected items that are tracked in the 1st Qtr and also reported weekly in the “By The Numbers” article series. A Redux article will be published for every quarter in 2019.
Looking at the Figures above and below, the clear direction for 2019 is that oil production and exports are up. Perhaps they have not moved up a lot, but they are trending that way and are higher than last year’s values. A deceptive pattern in the Figure below is the pattern for petroleum inventories. Inventories appear to be trending downward but those values are still at the highest levels in our history.